Racing Santander had been thought ready to re-sign Birmingham striker Nikola Zigic as a replacement for the injured Oscar Serrano. Racing had consulted the medical committee of the LFP earlier this week about the possibility of bringing in a player outside the transfer window.
If Racing had been granted permission then Zigic was thought to be their top target, following a couple of successful spells with the club earlier in his career.
However, Racing have now ended their interest in taking Zigic as they plan ahead for life under new Indian owner Ahsan Ali Syed.
"This is the best choice because we need to look to the future with the new owners," said club president Francisco Pernia.
"Zigic is in the past with this club."
